Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5 A company purchased $3,000 of merchandise on July 5 with terms 3/10, 1/30. On July 7. It returned $800 worth of merchandise. On July
5 A company purchased $3,000 of merchandise on July 5 with terms 3/10, 1/30. On July 7. It returned $800 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetua inventory system, and records purchases using the gross method, the correct Journal entry to record the payment on July 12 is: Book Multiple Choice Debit Merchandise Invertory 52,200, Credit Cash $2200 Debit Cath $2.200.credit Accounts Payable $2.200 Debit Accounts Payable $2.200, credit Merchandise Inventory $66.Credit Cash $2.34 Debit Accounts Payable $3.000 Credit Cash $3.000 Debit Accounts Payable $2.200: cred Cash $2,200 5 of 15 !!! Next > MC
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started